The board of Catena Media Plc has resolved the terms of its share buyback programme on the Nasdaq Stockholm, a transaction that was originally disclosed to investors on 23 May 2022.
The programme was launched by Catena governance as it is in the company’s interest to “reduce share capital through subsequent cancellation of repurchased shares”.
Investors were notified that Catena has set definitive terms on the share buyback scheme. It will be implemented while adhering to the repurchasing rules of the Nasdaq Stockholm and in accordance with the Maltese Companies Act and corresponding EU market abuse regulation.
The programme will allow repurchasing transactions to be made on one or more occasions before the company’s next annual general meeting, scheduled for 24 May 2023.
A cap of SEK 100m (€8.8m) has been applied as the maximum amount that Catena can repurchase individual share transactions for.
The company must ensure that its shareholding does not exceed 10% of the its total issued share capital.
Shares may only be repurchased at a price interval recorded on Nasdaq Stockholm, meaning the interval between the highest and lowest selling prices listed on the exchange.
All shares repurchased will be paid for in cash by Catena, which currently holds 4,295,510 (5.6%) of ordinary shares, as the number of outstanding shares in the company stands at 76,330,859.
This week Catena investors were notified that investment bank Carnegie AB had been recruited to evaluate all strategic options, including the sale of the company.
It was disclosed that “third parties that have shown interest in acquiring certain assets, including all the remaining assets of the group”; however, the board is yet to review any conclusive bids.
Catena will publish its full-year 2022 results on 22 February, with group leadership providing a further update on US expansion proceedings and further streamlining initiatives.